The chief executive of Advanced Micro Devices, Dirk Meyer, has resigned and will be replaced on an interim basis by their finance boss Thomas J. Seifert while the company searches for a replacement, AMD explained in a statement issue today.
The company described the departure as "mutual" to both parties and said it is effective immediately. Needles to say, the blogosphere is abuzz with a rumored boardroom coup.
BSN's analysis covering various theories for the resignation will be live shortly (UPDATE: now live).
On his part, AMD's board chairman Bruce L. Claflin said the change is to "establish market leadership and generate superior financial returns," alluding in a way that the board was unhappy with Meyer's performance.
AMD said fourth quarter revenue increased two percent to $1.65 billion with a gross profit margin of nearly 45 percent. The company is scheduled to deliver full fourth quarter results on Thursday.
AMD is the number two PC microprocessor manufacturer, behind Intel whose chips are used in more than 80 percent of the world's PCs.
Now, there have been more than a few signs that all was not right at AMD. It seems the recently completed CES sealed the deal on Meyer's departure from the company. If you ask me, Meyer has led the company down a narrow path that may prove difficult to extricate itself from both technically and financially.
His ability to communicate the company's strategy clearly and effectively is rumored to be one of the major undercurrents of the board's dissatisfaction. The hanging question remains, can AMD remain an active participant in the age of the mobile conquest?
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